Statements of Information

What’s in a name?

When a title company seeks to uncover matters affecting title to real property, the answer is, “Quite a bit.”

Statements of Information provide title companies with the information they need to distinguish the buyers and sellers of real property from others with similar names. After identifying the true buyers and sellers, title companies may disregard the judgments, liens or other matters on the public records under similar names.

To help you better understand this sensitive subject, the Land Title Association has answered some of the questions most commonly asked about Statements of Information.

What is a Statement of Information?

A Statement of Information is a form routinely requested from the buyer, seller and borrower in a transaction where title insurance is sought. The completed form provides the title company with information needed to adequately examine documents so as to disregard matters which do not affect the property to be insured, matters which actually apply to some other person.

What does a Statement of Information do?

Whenever a title company uncovers a recorded document in which the name is the same or similar to that of the buyer, seller or borrower in a title transaction, the title company must ask, “Does this document affect the parties we are insuring?” Because, if it does, it affects title to the property and would, therefore, be listed as an exception from coverage under the title policy.

A properly completed Statement of Information will allow the title company to differentiate between parties with the same or similar names when searching documents recorded by name. This protects all parties involved and allows the title company to competently carry out its duties without unnecessary delay.

What types of information are requested in a Statement of Information?

The information requested is personal in nature, but not unnecessarily so. The information requested is essential to avoid delays in closing the transaction.

You, and your spouse if you are married, will be asked to provide full name, social security number, year of birth, birthplace, and information or citizenship. If you are married, you will be asked the date and place of your marriage or registered domestic partnership.

Residence and employment information will be requested, as will information regarding previous marriages or registered domestic partnerships.

Will the information I supply be kept confidential?

The information you supply is completely confidential and only for title company use in completing the search of records necessary before a policy of title insurance can be issued.

What happens if a buyer, seller or borrower fails to provide the requested Statement of Information?

At best, failure to provide the requested Statement of Information will hinder the search and examination capabilities of the title company, causing delay in the production of your title policy.

At worst, failure to provide the information requested could prohibit the close of your escrow. Without a Statement of Information, it would be necessary for the title company to list as exceptions from coverage judgments, liens or other matters which may affect the property to be insured. Such exceptions would be unacceptable to most lenders, whose interest must also be insured.

Conclusion

Title companies make every attempt in issuing a policy of title insurance to identify known risks affecting your property and to efficiently and correctly transfer title so as to protect your interests as a homebuyer.

By properly completing a Statement of Information, you allow the title company to provide the service you need with the assurance of confidentiality.

Testimonials

11/2018

We bought our Kona home in November 2018 and are so grateful we worked with Lance and Kimi. We started working with them in the spring of 2018, when we visited Kona and Lance took us to see many properties and informed us about microclimates and different neighborhoods. Then we headed backed to Boston and Lance kept in touch with us about listings, the market, and the vog. One time he texted us a picture of a gorgeous clear day, and a few days later he texted a picture of a voggy day, saying he wanted us to see that too - that's the kind of people Lance and Kimi are, honest and upfront. Once we found a home their guidance and hard work were absolutely indispensable to us. Great negotiating skills, responsiveness to our many questions and concerns via text, email and Skype, and through the entire closing process holding our hands and digging up and/or checking all documents with our best interests in mind. There was so much to keep track of and so much we weren't even aware of that needed to be checked, we are beyond grateful that we worked with Lance and Kimi. They are experienced, knowledgeable, efficient, thorough, professional, and kind.
You can't go wrong with Lance and Kimi!

Denise & Joe

2/19/2019
Lance, we love that your client has an agent who cares about them the way you do.
Love the idea of sharing the shifting market guide this way, and love even more your commitment to guiding and advising your clients through the buying/selling process. We are grateful to be your partner!
Yours truly
Keeping Current Matters Charlotte P. H.

8/31/2018
What an outstanding experience we had with Lance Owens and Kimi Nagatoshi!! We gave Lance our thoughts about what we might be looking for in a new home on Hawaii Island and he showed us quite a number of places that fit that description. We hadn't thought we'd actually buy on that trip -- we were really only trying to see what we could afford -- but with what Lance showed us, we ended up putting an offer in after only 3 days of looking. And then Kimi went to work helping us through the entire process of the inspection, counteroffers, and, ultimately, the purchase. It's our dream home and we have both Lance and Kimi to thank!
Karl and Mary

5/18/2016
Aloha Lance!
Thank you all for your “local kine” support of the Big Island Chocolate Festival this year. It was really very successful and your support helped us keep the ball rolling as we brought tickets in. I will let you know how much was raised for the schools, but wanted you to see this online news story that mentions your sponsorship. Hawaii 24/7 has quite a large readership. Thanks again!
http://www.hawaii247.com/2016/05/15/big-island-chocolate-festival-names-top-confections/
Julie Ziemelis-Owner Ziemelis Communications Integrated Communications Expert-PR

2/29/2016
In 15+ years of Hawaii Mortgage Company dealing with thousands of realtors, it is very rare when you come upon agents who really care and love what they do and want to make the transaction as wonderful as possible for all parties involved. Lance and Kimi go above and beyond for their clients and the mortgage professionals (like us!) who they are working with. In a world full of mortgage regulations, Lance and Kimi make sure to keep everyone on track of the timelines to ensure closing on time, which benefits both the sellers and buyers.
We are lucky to work with them and look forward to many more transactions together in the future!
Maura K. Shannon
Manager / Mortgage Loan Originator
NMLS #339190
Hawaii Mortgage Company
NMLS #232582
443 Portlock Road
Honolulu, Hawaii 96825
Tel: 808-988-6622
Fax: 808-988-7722
Maura K. Shannon